Lazy & Daisy are partners, and they share profit and losses in the ratio 1:1. The balance sheet as
follows:
Balance Sheet
Cash 15,000 Accounts payable 15,000
Other assets 400,000 Lazy’s Capital 200,000
Daisy’s Capital 200,000
415,000 415,000
They decided to invite third person ‘Mr. Crazy’ as a new partner for 1/3 interest in the firm.
Required: Give entries in general journal to record admissioon of ‘Mr. Crazy’ and prepare balance
sheet in each of the following cases separately using ‘Bonus Method’
Case -1 If Crazy invests Rs. 200,000 cash
Case -1 If Crazy invests Rs. 150,000 cash
Case -1 If Crazy invests Rs. 225,000 cash